Seafire today announced its third acquisition YTD: SolidEngineer, a reseller of SolidWorks, a solid modeling computer-aided design (CAD) and computer-aided engineering (CAE) application published by Dassault Systèmes. The acquired company also offers associated services in the four business areas SolidWorks, 3D printing, Innovation Management and Competence Consulting. According to management, 85% of sales comes from software sells and the remaining 15% from the associated services. SolidEngineer was founded in 1996 and has ~40 employees, with ’21 sales and adj. EBITDA of SEK 101m and SEK 14m, respectively. The company has grown its sales and adj. EBITDA with ’15-’21 CAGRs of 11% and 23%, respectively. SolidEngineer will be integrated to the group as of today.
Still plenty of M&A headroom
All else equal, the acquisition could add 14% to the group’s ’22e sales and 12% to adj. EBITDA. Following the acquisition, Seafire has ’21 pro forma sales of SEK >800m and adj. EBITDA of SEK ~120m. Seafire pays an EV of SEK 85m (6.1x EV/EBITDA), partly through a directed issue of SEK 8m at a price of SEK 34.72, which gives a dilution of approximately 0.8%. Following the acquisition, Seafire has a pro forma ’22e ND/EBITDA of 2.3x and a ’22e cash position of SEK ~210m on our current estimates. Assuming expansion to 3.5x ND/EBITDA, Seafire has M&A headroom of SEK 150m, which could add SEK ~20m to ’22e adj. EBITA, given acquisition multiplies of 7x EV/EBITA.
Looks like a good acquisition at first glance
We consider this acquisition as attractive given SolidEngineer’s solid financial track-record and exciting niche, and a good fit to Seafire’s existing company portfolio. We consider the price tag to be fair and in line with acquisition multiplies paid for similar-sized companies. Additionally, we appreciate the increasing ...
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